Lagos Generates N27.054 Billion from Land in 2014

April 22, 2015 – Total revenue realized from sales of land in Lagos State jumped up astronomically in the year 2014 to an all-time high of N27, 054,031,674,52 .

The amount is 265 percent higher than N8,356,904, 421.94 realised in the year 2013.

Permanent Secretary Land Bureau, Mr. Hakeem Muri-Okunla who made the revelation at a press briefing in Lagos said the revenue is about N18.65 billion higher than the previous year.

He attributed the surge to transaction on sales of land for industrial development in the Lekki Free Trade Zone.

“The revenue performance for the year under consideration exceeded  the bureau’s budget for the period by  165 percent”, he said adding that the state could not generate revenue from new scheme as well as property recertification project during the period.

Muri-Okunla said that a total sum of N2,864,500,377.30kobo was paid out as compensation while an individual whom he failed to name was provided alternative land in lieu of  monetary compensation.

He said that Lagos State processed 1,767 certificates of occupancy while 951 lands were allocated.

He reported that there has been widespread encroachment on state lands and called on members of the public to be wary of families, individuals and communities that engage in indiscriminate sale of government acquired lands in the state.

“Members of the public are also advised to conduct proper charting and verification on properties before effecting payment for land”, he warned and advised land speculators and land grabbers to desist from selling lands that falls under government acquisition.